Cardano Founder Charles Hoskinson: Japan To Become Asia’s Crypto Leader if US Makes First Move

Key Takeaways

• Cardano founder believes the upcoming U.S. election could be a deciding factor in Japan’s crypto adoption.
• Japan was among the earliest crypto adopters, but its adoption seems to have stagnated.
• Charles Hoskinson said Japan needs its own Vitalik to promote crypto adoption.

Cardano (ADA) founder Charles Hoskinson believes Japan could become the Asian crypto leader if the United States adopts favorable crypto regulations.

In a recent interview with the Japan Times , Hoskinson shed light on the crypto landscape in the U.S. and discussed how the upcoming Presidential elections could change the country’s policy toward the crypto market.

U.S. Can Help Japan Conquer Asia

Hoskinson said Joe Biden’s administration’s conservative approach to crypto has created an opportunity for the likes of Donald Trump. The Republican presidential candidate has made crypto a crucial part of his campaign, promising a major regulatory overhaul.

Hoskinson believes Japan will follow suit if the U.S. changes its current passive stance and promotes crypto. With China imposing a blanket ban on crypto use, the U.S. influence can help Japan become the crypto leader in Asia:

“Japan has a way of learning from the West, taking the best lessons home, and after figuring it out within 10 or 20 years, becoming a world leader. We’ve seen that happen multiple times,” Hoskinson opined.

Japan Needs Its Own Vitalik Buterin

During the interview, Hoskinson stressed the need for local heroes to promote widespread adoption. He said the biggest issue for Japanese “adoption is there needs to be a Japanese Vitalik Buterin.”

Japan is a very culturally oriented society. Although pro-technology, crypto adoption seems limited as crypto companies fail to strike the right balance with local brands and businesses.

The Cardano founder added that for Japan to become a crypto leader, major brands such as Mitsubishi, Toyota, and Sony must adopt the technology and help it spread to the masses. 

Sony entered the decentralized space in August by  launching its own Ethereum (ETH) L2 blockchain called Sonieum. Sonieum aims to accelerate Web3 innovation and bring blockchain technology to the mainstream.

With a pro-crypto prime minister , Japan could make significant strides on the crypto adoption index. With a tech-savvy population, onboarding won’t be a big issue, but the country needs the right regulatory steering.

Asia’s Growing Crypto Competition 

Japan was once among the earliest crypto adopters, making way for crypto trading and issuing some basic regulatory standards for the crypto market. However, Japan’s progress seems to have been stagnant for years now.

On the other hand, most other Asian countries , including Singapore and Taiwan, have shown remarkable regulatory progress. The countries have introduced t vital regulatory changes to promote crypto and various crypto investment products.

Hong Kong brought a major regulatory overhaul in 2023, starting a licensing regime for crypto service providers. The country was also among the earliest in Asia to greenlight crypto exchange-traded funds (ETFs).

Despite its proximity to China, Taiwan has taken a completely different approach. The government recently amended the country’s anti-money laundering regulations to include crypto service providers. Taiwan became one of the first countries to allow institutional investors to invest in U.S.-based crypto ETF products.

Singapore has also issued multiple regulations concerning crypto, the most prominent of which is the Payment Service Act (PSA). Crypto service providers are required to register under the PSA to offer services.